Schedule of Investments (unaudited)	iShares® MSCI Belgium ETF
November 30, 2022	(Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.4%
bpost SA		10,900	$	62,645
Banks — 8.8%
KBC Ancora		3,315		138,113
KBC Group NV		19,748		1,093,914
				1,232,027
Beverages — 22.9%
Anheuser-Busch InBev SA/NV		54,689		3,225,305
Biotechnology — 13.5%
Argenx SE(a)		4,302		1,741,167
Galapagos NV(a)		4,008		159,748
				1,900,915
Chemicals — 9.4%
Recticel SA		4,487		70,308
Solvay SA		5,901		585,349
Tessenderlo Group SA(a)		2,056		68,268
Umicore SA		16,690		602,331
				1,326,256
Construction & Engineering — 3.0%
Ackermans & van Haaren NV		1,981		314,871
Deme Group NV(a)		807		100,341
				415,212
Distributors — 2.7%
D’ieteren Group		2,023		385,284
Diversified Financial Services — 6.3%
Groupe Bruxelles Lambert NV		7,462		602,295
Sofina SA		1,297		282,322
				884,617
Diversified Telecommunication Services — 1.0%
Proximus SADP		13,393		140,102
Electric Utilities — 2.8%
Elia Group SA/NV		2,747		391,416
Electronic Equipment, Instruments & Components — 1.1%
Barco NV		6,445		148,437
Entertainment — 0.4%
Kinepolis Group NV(a)		1,514		58,385
Equity Real Estate Investment Trusts (REITs) — 7.8%
Aedifica SA		3,300		260,049
Cofinimmo SA		2,570		224,415
Intervest Offices & Warehouses NV		2,443		52,115
Montea NV		1,149		77,274
Retail Estates NV		1,102		69,634
Warehouses De Pauw CVA		13,129		350,809
Xior Student Housing NV		2,412		69,648
				1,103,944
Food & Staples Retailing — 0.9%
Etablissements Franz Colruyt NV		4,847		128,047
Health Care Equipment & Supplies — 0.3%
Ion Beam Applications		2,832		42,437
Health Care Providers & Services — 0.6%
Fagron		6,769		89,059

Security	Shares		Value
Health Care Technology — 0.3%
AGFA-Gevaert NV(a)		16,317	$	47,182
Insurance — 3.8%
Ageas SA/NV(b)		13,263		537,043
IT Services — 0.3%
Econocom Group SA/NV(b)		13,743		40,686
Media — 0.5%
Telenet Group Holding NV		4,602		73,469
Metals & Mining — 0.9%
Bekaert SA		3,433		122,588
Oil, Gas & Consumable Fuels — 2.5%
Euronav NV		15,767		308,218
Exmar NV		4,501		41,826
				350,044
Personal Products — 0.4%
Ontex Group NV(a)		8,046		54,194
Pharmaceuticals — 4.7%
Mithra Pharmaceuticals SA(a)(b)		5,126		24,232
UCB SA		7,892		637,015
				661,247
Real Estate Management & Development — 1.7%
Immobel SA(b)		705		35,363
Shurgard Self Storage SA		2,460		107,380
VGP NV		1,178		95,850
				238,593
Semiconductors & Semiconductor Equipment — 1.2%
Melexis NV		1,848		162,824
Textiles, Apparel & Luxury Goods — 0.3%
Van de Velde NV.		1,061		35,772
Wireless Telecommunication Services — 0.0%
Orange Belgium SA(a)		319		5,656
Total Long-Term Investments — 98.5%
(Cost: $20,575,768)				13,863,386
Short-Term Securities
Money Market Funds — 4.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.06%(c)(d)(e)		566,844		566,901
Total Short-Term Securities — 4.0%
(Cost: $566,898)				566,901
Total Investments — 102.5%
(Cost: $21,142,666)				14,430,287
Liabilities in Excess of Other Assets — (2.5)%				(352,517	)
Net Assets — 100.0%			$	14,077,770

^(a) Non-income producing security.

^(b) All or a portion of this security is on loan.

^(c) Affiliate of the Fund.

^(d) Annualized 7-day yield as of period end.

^(e) All or a portion of this security was purchased with the cash collateral from loaned securities.

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Schedule of Investments (unaudited) (continued)	iShares® MSCI Belgium ETF
November 30, 2022

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended November 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 11/30/22		Shares Held at 11/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	26,013	$	540,914	(a)	$	—	$	(15	)	$	(11	)	$	566,901		566,844	$	1,093	(b)	$	—

^(a) Represents net amount purchased (sold).

^(b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		5	12/16/22	$	209	$	23,395

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	177,806	$	13,685,580	$	—	$	13,863,386
Money Market Funds		566,901		—		—		566,901
	$	744,707	$	13,685,580	$	—	$	14,430,287
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	23,395	$	—	$	23,395

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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